Tsogo Sun Hotels Limited (JSE:TGO) agreed to acquire an additional 5.67% stake in Hospitality Property Fund Limited (JSE:HPB) from the trustees of the HCI Foundation for approximately ZAR 100 million on August 11, 2020, Under the terms, Tsogo Sun will acquire 32.8 million shares in Hospitality Property Fund in exchange of 58 million of its own shares at an exchange ratio of 1.77. The effective date of the HCI Foundation Transaction will be four business days after the date on which the JSE approves of the listing of the HCI Foundation Subscription Shares, which approval is anticipated to be obtained on or about August 12, 2020. Edward Nathan Sonnenbergs Incorporated acted as legal advisor, Investec Bank Limited acted as financial advisor and BDO Corporate Finance Proprietary Limited acted as Fairness Opinion provider for Tsogo Sun.